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                            SCHEDULE 14A INFORMATION
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                        OMEGA HEALTHCARE INVESTORS, INC.
                (Name of Registrant as Specified in Its Charter)


      (Name of Person(s) filing Proxy Statement, if other than Registrant)

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                      PRESS RELEASE - FOR IMMEDIATE RELEASE

                         FOR FURTHER INFORMATION CONTACT
                  F. Scott Kellman, Chief Operating Officer, or
    Susan Allene Kovach, Vice President and General Counsel, at 734/887-0200

                  OMEGA HEALTHCARE ANNOUNCES MANAGEMENT CHANGE

                  ANN  ARBOR,   MICHIGAN  -  July  12,  2000--Omega   Healthcare
Investors,  Inc. (NYSE: OHI) today announced that, upon completion of the $100.0
million equity investment by Explorer Holdings, L.P., Essel W. Bailey, Jr., will
retire  as  Chairman,  CEO,  President  and a member of the  Company's  Board of
Directors.  Bernard  J.  Korman,  who has been a member  of the  Omega  Board of
Directors since 1993, will serve as Chairman and acting Chief Executive  Officer
while the Company  takes  appropriate  steps to identify and recruit a new chief
executive  officer.  The other  executive  officers  of the  Company,  F.  Scott
Kellman, Susan Allene Kovach and Laurence D. Rich will continue in their present
roles to provide the Company's day-to-day leadership.

                  "We are all grateful for the leadership  and  creativity  that
Essel has  provided  in guiding  Omega  through a  difficult  time and a complex
transaction.  We are pleased that he will continue to be available to Omega as a
consultant," said Korman.

                  "Omega's  current  financial  challenges are the by-product of
unprecedented  financial  difficulties in the long-term care industry.  With the
expected  completion in the next week of Explorer's  investment  and Omega's new
borrowing  facility with Fleet Bank, the Company will be well positioned to move
forward and take advantage of growth opportunities," said Bailey.

                  Omega  also   announced   that  Explorer  has  reaffirmed  its
commitment to  consummating  its  investment  in Omega,  which is expected to be
completed  following the Special  Meeting of  Stockholders  on Friday,  July 14,
2000.

                  The  record  date for  determining  stockholders  entitled  to
receive notice of and to vote at the special meeting is the close of business on
June  2,  2000.  The  proxy  materials  are  available  on the  SEC  website  at
http://www.sec.gov  and also may be obtained by contacting  the Company's  proxy
solicitor, Georgeson & Co., at 800/223-2064.

                  Omega  is a Real  Estate  Investment  Trust  investing  in and
providing financing to the long-term care industry.  At March 31, 2000, it owned
or had mortgages on 278 healthcare and assisted living facilities with more than
28,000  beds  located in 29 states and  operated  by 26  independent  healthcare
operating companies.


This news release  contains  forward-looking  statements  that involve risks and
uncertainties  described  from  time to time in the  SEC  reports  filed  by the
Company.

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